Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which CGST is Rs 25,681 crore, SGST is Rs 32,651 crore, IGST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and Cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods), an official press note said on Thursday.
The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements in the month of November 2022 is Rs 59678 crore for CGST and Rs 61189 crore for the SGST. In addition, the Centre had also released Rs 17,000 crore as GST compensation to states/UTs in November 2022.
The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs. 1.31,526 crore. During the month, revenues from the import of goods were 20 per cent higher and the revenues from the domestic transaction (including the import of services) are eight per cent higher than the revenues from these sources during the same month last year.
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